Issue of Preferred Securities

Royal Bank of Scotland Group PLC
09 November 2004

The Royal Bank of Scotland Group plc

9th November 2004

THE ROYAL BANK OF SCOTLAND GROUP PLC PLANS TO ISSUE NON-CUMULATIVE PREFERRED
SECURITIES

The Royal Bank of Scotland Group plc ('RBSG') intends to issue fixed rate
Non-Cumulative Preferred Securities ('the Securities') denominated in Euros.

Application has been made to list the Securities on the Euronext Amsterdam Stock
Exchange. It is expected the Securities will qualify as Tier One Capital for
RBSG. It is intended that the net proceeds of the offering of the securities
will be used for general corporate purposes and to further strengthen the
capital base of RBSG.

RBSG is being advised in connection with the issue by ABN AMRO, BNP PARIBAS, RBS
Financial Markets and UBS Investment Bank.



The Securities have not been nor will be registered under the United States
Securities Act of 1933, as amended (the 'Securities Act'), or under any state
securities laws and may not be offered, sold or delivered in the United States,
or to or for the account or benefit of US persons (as defined under Regulation S
under the Securities Act) unless registered under the Securities Act or an
exemption from the registration requirements of the Securities Act is available.
The Securities are being offered and sold only to certain persons in
transactions outside the United States in compliance with Regulation S under the
Securities Act

Stabilisation FSA/IPMA

For further information, please contact:
The Royal Bank of Scotland Group plc

Ron Huggett                                     Richard O'Connor
Capital Raising Director                        Head of Investor Relations
280 Bishopsgate                                 280 Bishopsgate
London                                          London
EC2N 4RB                                        EC2M 4RB
Tel: [phone]                              Tel: [phone]





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